Negotiable Instruments – Page 4

BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

Question

Crossing of cheques has legal implications in banking transactions, and a cheque is a type of negotiable instrument.

Required:
i. A cheque instruction to “pay Ronke the sum of N50,000.00” without crossing the face of the cheque with two parallel lines.
ii. “Pay Andrew N100,000” with two parallel lines traversing the face of the cheque.
iii. “Pay Mary N150,000” with two parallel lines with Congo Bank written in between the two parallel lines on the face of the cheque.
iv. “Pay Ngozi N200,000” and by cheque with two parallel lines and the words “account payee only” written in between the two parallel lines.
v. Define negotiable instruments.

Answer

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Tags: Banking Transactions, Cheques, Crossing, Negotiable Instruments, Payment Instructions
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

Question

15. A payee that is in possession of a bill he obtained after giving consideration to the drawer is known in law as
A. Holder for value
B. Holder in due course
C. Drawee
D. Holder of bill
E. Holder for the meantime

Answer

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Tags: Bill of Exchange, Holder in Due Course, Law of Negotiability, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2020

BL – May 2012 – L1 – SA – Q19 – Negotiable Instruments

Identify the document used to secure payment in commercial transactions.

Question

The documents that are used in commercial and financial transactions to secure payment of money are:

A. ATM Cards
B. Bills of Lading
C. Payment Vouchers
D. Negotiable Instruments
E. Credit Cards

Answer

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Tags: Business Law, Commercial Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2012

BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

Question

A bank may be excused from the obligation to pay a customer’s cheque EXCEPT when:

A. There is an unsigned alteration on the cheque
B. The cheque is stale
C. The drawer’s death comes to the notice of the bank
D. The bank does not have enough cash
E. There is an effective countermand

Answer

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Tags: Banking Law, Business Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

Question

(a) State FOUR characteristics of a negotiable instrument. (4 Marks)

(b) Mr. Eddie is a customer of Perfect Bank Limited. He issued a cheque for the sum of N20,000 to Mr. Jossy. At the time of issuing the cheque, his account was in credit to the tune of N150,000. The cheque was dishonored by the bank. Mr. Eddie wants to sue the bank. You are required to advise Mr. Eddie. (5 Marks)

(d) State the parties to a Bill of Exchange. (3 Marks)

Answer

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Tags: Banker-Customer Relationship, Bill of Exchange, Negotiable Instruments, Revocation, Will
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

Question

What is the type of negotiable instrument that becomes payable on demand as part of the relationship between a banker and a customer?

Answer

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Tags: Banking, Cheques, Negotiable Instruments, Payable on Demand
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

Question

Where an endorser signs the Bill and expressly states to whom or to whose order the Bill is now payable, the endorsement is referred to as …………………………………….

Answer

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Tags: Banking, Bill of Exchange, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

Question

A qualified acceptance of a Bill may occur in any of the following ways EXCEPT by:
A. Conditional acceptance
B. Partial acceptance
C. Restriction of payment to a place
D. Signature
E. Stipulation of time of payment

Answer

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Tags: Acceptance, Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

Question

Which of the following is NOT a negotiable instrument?

A. Credit card
B. Dividend warrants
C. Treasury bills
D. Traveller’s cheques
E. Bearer bonds

Answer

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Tags: Credit Cards, Financial Transactions, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2012

BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question tests the knowledge of the person to whom a bill is endorsed.

Question

The person to whom a bill is endorsed is called the ___________.

Answer

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Tags: Bills, Endorsement, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2013

BL – May 2017 – L1 – SB – Q6c – Negotiable Instruments

Identification and explanation of the characteristics of an Order Bill and a Bearer Bill under negotiable instruments law.

Question

A Bill may be an “Order Bill” or a “Bearer Bill”.

Required:
i. State the two factors for identifying an “Order Bill”. (2 Marks)
ii. Explain briefly a “Bearer Bill”. (2 Marks)

Answer

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Tags: Bearer Bill, Identification of Bills, Negotiable Instruments, Order Bill
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q6b – Negotiable Instruments

Explains two types of cheques: bearer and order cheques.

Question

A cheque is an instrument for financial transactions.

Required:
Explain briefly the following types of cheque:
i. Bearer Cheque (4 Marks)
ii. Order Cheque (4 Marks)

Answer

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Tags: Bearer Cheque, Financial Transactions, Negotiable Instruments, Order Cheque
Level: Level 1

Topic: Negotiable Instruments
Series: MAR/JULY 2020

BL – MarJul 2020 – L1 – SA – Q17 – Negotiable Instruments

Question identifying types of negotiable instruments.

Question

Which of the following is a type of negotiable instrument?
A. Bill of lading
B. Treasury bill
C. Postage stamp
D. Credit note
E. Debit advice

Answer

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Tags: Financial instruments, Legal Documents, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAR/JULY 2020

BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

Question

Negotiable instruments are used in commercial transactions.

Required:
i. Explain briefly the parties to a Bill of Exchange. (3 Marks)

ii. Explain briefly General Acceptance of a Bill. (3 Marks)

Answer

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Tags: Bill of Exchange, Commercial Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2016

BL – MAY 2016 – L1 – SA – Q18 – Negotiable Instruments

This question identifies which item is a negotiable instrument.

Question

Which of the following is a negotiable instrument?
A. Share certificate
B. Cheque
C. Postal order
D. Money order
E. Bill of lading

Answer

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Tags: Financial Law, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2016

BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

Question

A payee/endorser in possession of a bill that he obtained after giving consideration for it is called:

A. A drawer
B. An accommodation party
C. An assignee
D. A holder for value
E. A trustee

Answer

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Tags: Bills of Exchange, Endorser, Negotiable Instruments, Payee
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2020

BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

Question

Bills of Exchange are used in several ways, including for payment of debts and provision of credits.

Required:
Explain briefly any TWO types of Bills of Exchange. (5 Marks)

Answer

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Tags: Bills of Exchange, Negotiable Instruments, Types of Bills
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

Question

A negotiable instrument is a written promise to pay money.

Required:
Explain THREE characteristics of a negotiable instrument. (6 Marks)

Answer

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Tags: Bills of Exchange, Characteristics, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

Question

The person on whom a Bill of Exchange is drawn is called
A. Drawer
B. Payee
C. Drawee
D. Payer
E. Holder

Answer

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Tags: Bill of Exchange, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

BL – May 2015 – L1 – SA – Q11 – Negotiable Instruments

Identify the crime committed when the drawer issues a negotiable instrument with insufficient funds.

Question

In relation to a negotiable instrument, a crime is committed by the drawer of the instrument if ONE of the following situations occurs:
A. The instrument is not dated
B. The instrument is not signed
C. There is insufficient funds in the account to cover the value of the instrument
D. The instrument is stale
E. The instrument is stolen by a third party

Answer

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Tags: Banking Law, Crime, Negotiable Instruments
Level: Level 1

Topic: Negotiable Instruments
Series: MAY 2015

Question Tag: Negotiable Instruments

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BL – Nov 2020 – L1 – SB – Q5d – Negotiable Instruments

Explain different cheque crossing types and define negotiable instruments.

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BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments

Objective question on identifying the legal status of a payee in possession of a bill after providing consideration.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q15 – Negotiable Instruments"

BL – May 2012 – L1 – SA – Q19 – Negotiable Instruments

Identify the document used to secure payment in commercial transactions.

You're reporting an error for "BL – May 2012 – L1 – SA – Q19 – Negotiable Instruments"

BL – May 2012 – L1 – SA – Q7 – Negotiable Instruments

Identifying conditions under which a bank may be excused from paying a customer's cheque.

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BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments

Understanding the characteristics of negotiable instruments, banker's duties, revocation of wills, and parties to a bill of exchange.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q6 – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q2 – Negotiable Instrument

Identifying the negotiable instrument that becomes payable on demand as part of a banker and customer relationship.

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BL – Nov 2011 – L1 – SA – Q1 – Negotiable Instruments

The question tests knowledge of the term used when an endorser specifies to whom a bill is payable

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BL – Nov 2011 – L1 – SA – Q8 – Negotiable Instruments

Identify which type of acceptance does not qualify as a qualified acceptance of a Bill.

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BL – Nov 2012 – L1 – SA – Q17 – Negotiable Instruments

Identify which of the options is not a negotiable instrument.

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BL – May 2013 – L1 – SA – Q19 – Negotiable Instruments

This question tests the knowledge of the person to whom a bill is endorsed.

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BL – May 2017 – L1 – SB – Q6c – Negotiable Instruments

Identification and explanation of the characteristics of an Order Bill and a Bearer Bill under negotiable instruments law.

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BL – March July 2020 – L1 – SB – Q6b – Negotiable Instruments

Explains two types of cheques: bearer and order cheques.

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BL – MarJul 2020 – L1 – SA – Q17 – Negotiable Instruments

Question identifying types of negotiable instruments.

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BL – MAY 2016 – L1 – SB – Q3a – Negotiable Instruments

This question explains the parties involved in a bill of exchange and the concept of general acceptance of a bill.

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BL – MAY 2016 – L1 – SA – Q18 – Negotiable Instruments

This question identifies which item is a negotiable instrument.

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BL – May 2024 – L1 – SA – Q13 – Negotiable Instruments

Identify the type of payee/endorser who acquires a bill after payment.

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BL – May 2015 – L1 – SB – Q6a – Negotiable Instruments

Explain two types of Bills of Exchange.

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BL – May 2015 – L1 – SB – Q5c – Negotiable Instruments

Explain three key characteristics of a negotiable instrument.

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BL – May 2015 – L1 – SA – Q19 – Negotiable Instruments

Identify the person on whom a Bill of Exchange is drawn.

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BL – May 2015 – L1 – SA – Q11 – Negotiable Instruments

Identify the crime committed when the drawer issues a negotiable instrument with insufficient funds.

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